How to Obtain Student Loans in Norway as an International Student
Norway is a popular tourist destination for people who love natural phenomena like mountains and enjoy hiking, skiing e.t.c.
The capital of Norway, Oslo is one of the best startup hubs in the world. Alongside other Scandinavian countries e.g Germany, Finland, tuition for international students are relatively low or free depending on the institution applied to, however, the cost of living in Norway is quite higher than other European countries and as such students might require another option to support their financial need.
Read Also: Study in Norway; Tuition Fees and Living Cost
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When Is A Student Loan Necessary?
The truth is that studying abroad can be overwhelming at times even when you think you have figured out your financial needs and planned your budgets.
There might be unforeseen circumstances that would require you to spend more than you initially planned to, in times like this you might require a type of aid to ease your burden and this is where student loans come in.
How Does Student Loan Work In Norway?
Student loans with low-interest rates are available for international students more information can be gotten from the international student’s office, there are also many scholarships one can apply to aid their financial conditions while studying although some grants have specific requirements, studying in rural areas are cheaper in terms of expenses when compared to studying in cities.
There are many banks who have entered into agreements with some universities in order to make loans available to students.
What Would I Need To Obtain A Loan?
Depending on which university or banks which you have decided to seek information from, there are a few requirements you may be required to provide before you can access such loans they include;
- Passport
- Student I.D
- Statement of accounts
Is there a Minimum Amount?
The minimum amount is determined by the bank so you can visit about 2-3 banks to compare the minimum amount.
Most banks determine their repayment plan and interest rates independently some banks might require you to start paying a few months after graduation.
Conclusion
As a student in Norway, living expenses are one of the reasons students apply for loans, but if you can try to live within your means whilst also applying for scholarships and available teaching positions in your university then you may not have to borrow from the bank within your study duration.
